Aon’s insurance broking businesses generated organic revenue growth of 3 percent year-on-year in the second quarter, the company said today. The result comprised 4 percent growth in retail revenues to $1.51bn and 1 percent growth at Aon Benfield to $334mn. Adjusted earnings per share came to $1.39, in line with the Wall Street consensus and […]
Cat losses and forex movements hit Chaucer profits
Lloyd’s syndicate Chaucer saw operating income fall to just $5.5mn for the second quarter as catastrophe losses and a weak pound took their toll on the carrier’s bottom line, its American owner The Hanover reported today. The result marked a significant deterioration from the $42mn profit the syndicate posted for the same period in 2015. […]
2016 Half-Yrear Results: Swiss Re quarterly profit falls on higher catastrophe claims
Swiss Re AG, the world’s biggest reinsurer, said profit fell in the second-quarter as the company paid more for catastrophe claims including earthquakes in Japan and forest fires in Canada. Net income declined to $637 million from $820 million a year earlier, the Zurich-based company said in a statement on Friday. That beat the $605 million average estimate of […]
Hanover Insurance Group Q2 operating earnings per share $1.24
Hanover Insurance Group Inc * Says net premiums written were $395.3 million in quarter, up 4.5% from prior-year quarter * The hanover reports second quarter net income of $0.05 per diluted share; second quarter operating income(1) of $1.24 per diluted share; combined ratio of 97.3%, including catastrophe impact of 4.5 points * Q2 operating earnings […]
City Moves: Chubb promotes Kessler to reinsurance chief; O’Farrell exits
Chubb Ltd., the insurer led by Chief Executive Officer Evan Greenberg, promoted Michael Kessler to chief reinsurance officer as William O’Farrell departs for other opportunities. Kessler will oversee the design and purchase of the reinsurance programs and report to Chief Operating Officer John Keogh, the Zurich-based company said Thursday in a statement that didn’t specify […]
China insurance industry profits drop 54% in first half
* H1 earnings fall to 105.6 bln yuan – regulator * Return on investment slips 42 pct to 294.5 bln yuan (Adds details on investment return) China’s insurance industry saw its first-half earnings slide 54 percent to 105.6 billion yuan ($15.9 billion), the country’s insurance regulator said on Thursday, squeezed by falling investment returns. Insurance […]
2016 Half-Year Results: AIICO Insurance reports HY pre-tax profit of 2.37 bln naira
AIICO Insurance Plc * HY ended June 2016 net premium income of 10.37 billion naira versus 6.98 billion naira year ago * HY ended June 2016 profit before tax of 2.37 billion naira versus 947.1 million naira year ago Read more @ Reuters
L&G to write new annuities for Aegon
Aegon will stop writing annuities later this year after signing a deal with Legal & General (L&G) to takeover setting up new contracts. Aegon sold £3 billion of its UK annuity portfolio to L&G in May. It has now agreed that L&G will also write all new Aegon annuity business from October. Any safeguarded benefits […]
Insurance companies have joined the ranks of shadow banks
When all else fails, lend. That’s the strategy of some of the biggest U.S. insurers as they seek higher returns in an investment universe where buying bonds sometimes means guaranteed losses. The largest U.S. banks are constrained by post-2008 rules that make it tougher for them to extend loans. So companies such as MetLife Inc. and American […]
2016 Half-Year Results: Unum Group
CHATTANOOGA, Tenn.–(BUSINESS WIRE)–Unum Group (NYSE: UNM) today reported net income of $236.8 million ($1.00 per diluted common share) for the second quarter of 2016, compared to net income of $224.3 million ($0.90 per diluted common share) for the second quarter of 2015. “These strong operating results continue to provide a significant level of financial flexibility […]